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Farmers' Preferences for Crop Insurance Attributes

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  • Brian Wansink

Abstract

Utilizing survey data from corn and soybean farmers in the Midwest, this study assesses the relative importance of different features of crop insurance products. Conjoint analysis results indicate that farmers' preferences for flexibility dominate both type of insurance and coverage level. Revenue insurance demand is greater by those who are larger, younger, and farm in more separate locations. Results are significant and consistent by size, insurance usage, leverage, and risk perception. The results permit prediction of market shares of competing insurance products within specific producer segments, and thus also provide guidance for targeting specific producer groups with new product configurations. Copyright 2003, Oxford University Press.

Suggested Citation

  • Brian Wansink, 2003. "Farmers' Preferences for Crop Insurance Attributes," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(2), pages 415-429.
    • Handle: RePEc:oup:revage:v:25:y:2003:i:2:p:415-429
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    File URL: http://hdl.handle.net/10.1111/1467-9353.00147
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    Cited by:

    1. Filiptseva, Anna & Filler, Günther & Odening, Martin, 2023. "Compensation schemes for plant quarantine pest costs: A case study for Germany," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1381-1395.
    2. Adhikari, Shyam, 2015. "Optimal Coverage Level and Producer Participation in Supplemental Coverage Option in Yield and Revenue Protection Crop Insurance," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205053, Agricultural and Applied Economics Association.
    3. Salazar, Cesar & Jaime, Marcela & Pinto, Cristian & Acuna, Andres, 2019. "Interaction between crop insurance and technology adoption decisions: The case of wheat farmers in Chile," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(3), July.
    4. Filiptseva, Anna & Filler, Günther & Odening, Martin, 2022. "Compensation Options for Quarantine Costs in Plant Production," 62nd Annual Conference, Stuttgart, Germany, September 7-9, 2022 329595, German Association of Agricultural Economists (GEWISOLA).
    5. Daliana Luca & Hato Schmeiser & Florian Schreiber, 2023. "Investment guarantees in financial products: an analysis of consumer preferences," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 906-940, October.
    6. Nganje, William E. & Hearne, Robert R. & Orth, Michael & Gustafson, Cole R., 2004. "Using Choice Experiments To Elicit Farmers Preferences? For Crop And Health Insurance," 2004 Annual meeting, August 1-4, Denver, CO 20357, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Loureiro, Maria L. & Umberger, Wendy J., 2005. "Assessing Consumer Preferences for Country-of-Origin Labeling," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(1), pages 1-14, April.
    8. Jørgensen, Sisse Liv & Termansen, Mette & Pascual, Unai, 2020. "Natural insurance as condition for market insurance: Climate change adaptation in agriculture," Ecological Economics, Elsevier, vol. 169(C).
    9. Loureiro, Maria L. & Umberger, Wendy J., 2007. "A choice experiment model for beef: What US consumer responses tell us about relative preferences for food safety, country-of-origin labeling and traceability," Food Policy, Elsevier, vol. 32(4), pages 496-514, August.
    10. Braun, Alexander & Schmeiser, Hato & Schreiber, Florian, 2016. "On consumer preferences and the willingness to pay for term life insurance," European Journal of Operational Research, Elsevier, vol. 253(3), pages 761-776.
    11. Ranjan Kumar Ghosh & Shweta Gupta & Vartika Singh & Patrick S. Ward, 2021. "Demand for Crop Insurance in Developing Countries: New Evidence from India," Journal of Agricultural Economics, Wiley Blackwell, vol. 72(1), pages 293-320, February.
    12. Fabio G., Santeramo & Ilaria, Russo & Emilia, Lamonaca, 2022. "Italian subsidised crop insurance: what the role of policy changes," MPRA Paper 115299, University Library of Munich, Germany.
    13. De La Maza, Cristóbal & Davis, Alex & Azevedo, Inês, 2021. "Welfare analysis of the ecological impacts of electricity production in Chile using the sparse multinomial logit model," Ecological Economics, Elsevier, vol. 184(C).
    14. Shyam Adhikari & Eric J. Belasco & Thomas O. Knight, 2010. "Spatial producer heterogeneity in crop insurance product decisions within major corn producing states," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 70(1), pages 66-78, May.
    15. Carrer, Marcelo José & Silveira, Rodrigo Lanna F. & Meirelles De Souza Filho, Hildo, 2017. "Citrus Producers' Choice of Price Risk Management Tools," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258352, Agricultural and Applied Economics Association.
    16. Enjolras, Geoffroy & Sentis, P., 2008. "The Main Determinants of Insurance Purchase: An Empirical Study on Crop Insurance Policies in France," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44395, European Association of Agricultural Economists.
    17. H. Holly Wang & Lu Liu & David L. Ortega & Yu Jiang & Qiujie Zheng, 2020. "Are smallholder farmers willing to pay for different types of crop insurance? An application of labelled choice experiments to Chinese corn growers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(1), pages 86-110, January.
    18. Rossi, Frederick J. & Carter, Douglas R. & Alavalapati, Janaki R.R. & Nowak, John T., 2011. "Assessing landowner preferences for forest management practices to prevent the southern pine beetle: An attribute-based choice experiment approach," Forest Policy and Economics, Elsevier, vol. 13(4), pages 234-241, April.
    19. Aradhna Aggarwal, "undated". "The Clean Development Mechanism and Dynamic Capabilities of Implementing Firms: Evidence from India," Working papers 104, The South Asian Network for Development and Environmental Economics.
    20. Mbonane, Nobuhle Duduzile, 2018. "An analysis of farmers’ preferences for crop insurance: a case of maize farmers in Swaziland," Research Theses 334771, Collaborative Masters Program in Agricultural and Applied Economics.
    21. Denis Charles & Magali Dumontet & Meglena Jeleva & Johanna Etner, 2024. "Behavioral drivers of individuals’ Term Life Insurance Demand: evidence from a Discrete Choice Experiment," EconomiX Working Papers 2024-23, University of Paris Nanterre, EconomiX.

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